Ken Davy is a bit of a legend in the financial advisory world (yes, we have them too). He came up with the idea of providing admin and compliance services to networks of individual advisers, economies of scale, they can all get on with what they’re good at etc. As he came to realise, in any mixed ability group anywhere it’s the lowest common denominators, not the shining examples, who set the standard; and the inevitable bad apples ruin everything for everyone. ‘You’ve let me down, you’ve let the school down, but most of all…’
“Advisers fearful of further compliance and regulation”
We know, of course we know, that regulation is, or at least should be a ‘good thing’. If those who need or should seek advice can be confident that they’ll be told the right thing, that someone has looked at those ’too good to be true’ investments before they’re allowed to take your money; or, in the case of a Woodford, while they’re raking it in to make sure it’s going where it’s supposed to.
